E-Z-GO 1999 Annual Report Download - page 4

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1999 was another year of
To Our Shareowners,
Employees and Customers:
record r
In 1999, Textron delivered the
strongest financial results in our
76-year history. Our market leader-
ship, industry-changing products
and rigorous financial and man-
agement discipline delivered
another year of record growth
while we aggressively reshaped
our portfolio of businesses.
◗Earnings per share increased
51% – our tenth straight year of
consistent growth, and seventh
consecutive year of double-digit
increases.
◗Revenues increased a record
20%, our fourth consecutive
year of double-digit revenue
growth…with an exceptional
9% organic growth rate (our
highest in ten years).
◗Free cash flow from manufactur-
ing operations rose to $479
million, a marked improvement
from $232 million in 1998.
◗Our year-end debt-to-capital
ratio was 27%, ensuring the
financial flexibility to support
our future growth.
◗We acquired 18 businesses and
created two joint ventures with
approximately $1.6 billion in
annual revenues.
◗We continued to expand our
geographic reach, generating
36% of our revenues outside
the United States.